Title
Conduct a public hearing and consider a resolution approving an amendment to an economic development program agreement (Chapter 380 Agreement) between the City of Mesquite ("City") and Ashley Furniture Industries, Inc., ("Company") dated effective May 5, 2017; authorizing the City to quitclaim to the Company approximately 6.6575 acres of land ("Property") that traverses 3790 Faithon P. Lucas, Sr., Boulevard, Mesquite, Texas; approving an economic development grant to the Company in the amount of the purchase price of the Property to promote local economic development and stimulate business and commercial activity in the City; authorizing the City Manager to finalize and execute an amendment to the original agreement for such purposes; authorizing the City Manager to finalize and execute a quitclaim deed and all other documents necessary or advisable to complete the quitclaim of the Property to the Company; and authorizing the City Manager to finalize and execute the amendment and to take all actions necessary or advisable to complete the transactions contemplated by the amendment.
Body
Ashley Furniture Industries, Inc., purchased a 358-acre tract of land in 2017 for the purpose of commercial development at 3790 Faithon P. Lucas Sr. Boulevard. The 358-acre site is bisected by a 7.01-acre tract which was deeded to the Texas Interurban Railway in 1921 and subsequently transferred to the City of Mesquite as part of a quitclaim deed by the County of Dallas on April 4, 2017.
The proposed Chapter 380 Agreement amendment to the original agreement, dated May 5, 2017, provides an additional incentive grant in the amount of $106,520.00 to be used for the sole purpose of purchasing 6.6575 acres of the 7.01-acre tract of the former Interurban Railway tract from the City of Mesquite in order to achieve sole ownership of the 358-acre site, less the balance of a 0.3525-acre portion retained by the City for right of way. Ashley Furniture Industries, Inc., is obligated t...
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